UBS becomes the 20th foreign bank in Saudi Arabia

The Swiss bank UBS AG, which the Council of Ministers approved today to grant it a license to open a branch to practice banking business in the Kingdom, is the 20th foreign bank to enter the Saudi market to provide banking business, and it is the second Swiss bank after Credit Suisse.

The Saudi Central Bank website states that there are 19 foreign banks that have licenses to open branches in the Kingdom: Emirates National Bank, National Bank of Bahrain, National Bank of Kuwait, Bank Muscat, Deutsche Bank, BNP Paribas, JP Morgan, and the National Bank of Pakistan. .

The list also includes: TC Ziraat Bankasi, Bank of Industry and Commerce of China, Qatar National Bank, MUFG Bank Ltd., First Abu Dhabi Bank, Credit Suisse, Standard Chartered Bank, Iraqi Trade Bank (licensed and not yet active), Bank of China Limited (licensed and not yet active), Bank of Egypt (licensed but not yet active) and the National Bank of Iraq (licensed but not yet active).